328 IAC 1-7-2 Termination of financial assurance

Sec. 2. (a) After consultation with the financial assurance board, the administrator may determine that the fund does not provide evidence of financial assurance for owners and operators. (b) If a determination is made under subsection (a), the administrator shall notify all fund participants by certified mail. (c) The fund coverage continues for sixty (60) days after the notice of insufficient funds to provide for financial assurance is sent to the fund participants. (d) Within thirty (30) days after receipt of the notice of insufficient funds, owners and operators shall: (1) acquire financial assurance as required under 329 IAC 9; and (2) provide proof of financial responsibility to the department. (e) Invocation of prioritization under 328 IAC 1-4 does not constitute termination of financial assurance under this section.